In early April, 2014 Capital One launched their Credit Tracker Tool. They have just sent out an e-mail to cardholders that this tool is now called CreditWise. Below are the differences between the two tools:
- CreditWise provides users with a TransUnion VantageScore 3.0 model credit score, the old tool provided them with a TransUnion New Account model
- Scores will be updated weekly instead of monthly
Capital One also stated that they don’t use the score they provide as part of their lending decision. The VantageScore is used by some lenders, but the FICO score dominates the market (it’s used in 90% of lending decisions). I’m surprised Capital One didn’t make the upgrade to FICO given how many other credit card issuers provide free FICO scores. This is doubly true considering that free credit monitoring sites also provide consumers with the same VantageScore capital one is touting, in fact Credit Karma offers this score for both TransUnion & Equifax (Credit.com provides an Experian National Equivalency score) as well as free credit monitoring for those bureaus. In light of this, the Capital One offering isn’t really useful even after these CreditWise updates.
Mine was in line with my fico scores & credit karma, credit sesame, credit.com, Barclay& merrick(whew, I know that’s a lot but hey, I’m rebuilding) for the first 3 months,4/2016-6/2016. I just ran it for 7/2016, without any major changes, & it dropped 58 points. Everything else is in line, except my equifax went up 70!
CRAZINESS FOR A53 year old man trying to buy his first house with a usda home loan. 620 CS is all that’s needed. I was sooo close!
Way can’t someone bring a law suit. Against. The card company. Or the company that they did not tell there customers. The change. As my score. Dropped. About 125 points.
My credit score with capital one with the credit score was 649 and when they went to credit wise. My score dropped to 490 and in a 3day time it went up to 534 so the capital one credit card company did not ever notify me about this change so I was thinking about a law suit. But I don’t know if that will do anything
Trans union and Capital one have a relationship and it attains the low cost scoring model that effectively entices consumers to pay more to Trans union to correct, and amend inaccurate scores. This should be outlawed and from my understanding is by the US government. Trans-union reported a closed account that is very much active costing me 11 points on the alleged credit wise score. Quit Capital one and watch your score go up when more card companies are getting away from Trans union activities.
Credit wise is not an accurate picture of your score. Mine was off by 100 points. I freaked out and went to my bank and they said I was fine and that Credit wise is not used and should not be used.
I always wondered why Capital one used the Vantage Score 3.0 and how it differed to the FICO score.
Thanks for the update
You are misinterpreting the article. Read it again.